American Bankers Association CEO Frank Keating said in a statement that he is “disappointed” with the outcome. However, he added that America’s banks are prepared. ” Banks already have been communicating about the possible expiration of TAG and will work with their business customers to demonstrate the safety of their deposits,” he said.

Sen. Pat Toomey, Republican of Pennsylvania, raised a point of order against the bill, saying it violated the Budget Control Act. Backers of the bill in the Senate failed to garner the 60 votes needed to waive Toomey’s point of order, on a 50 to 42 vote.

The failure comes after it looked like the bill was on its way towards passage in the Senate earlier this week. On Tuesday the bill passed a procedural vote with a strong margin of support — 76 to 20. However, a Bank of America Merrill Lynch report notes that the drop in support Thursday was likely a demonstration by Senate Minority Leader Mitch McConnell against “the Democrats tactic of not allowing amendments” and putting up the bill for a quick procedural vote. Of the 50 votes backing the measure Thursday, only two were Republicans. Read about how the bill passed a major procedural vote on Tuesday.

“The Bill has very slim chances of becoming law. However, there is still the possibility that it could get attached to another bill, for example, a fiscal cliff bill,” the Bank of America Merrill Lynch report said.